糖心视频

After much , media outlets are now reporting that media company is shutting down.

The Wall Street Journal sources saying founder 鈥渃alled investors to tell them he is shutting the service down.鈥� That follows 鈥檚 report of Katzenberg unsuccessfully pitching Quibi as an acquisition to Apple, Facebook and Warner Media.

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The Los Angeles-based short-form streaming video service was founded by movie producer Katzenberg in 2018, and is led by , former CEO of .听

However, Quibi didn鈥檛 come onto the scene until about six months ago, just as the global pandemic was in full swing. Users could subscribe to the service, which offers 5-minute to 10-minute 鈥渃hapters鈥� of shows featuring Hollywood stars such as , and Anna Kendrick.听

WSJ reported the company鈥檚 challenges ranged from attracting and retaining subscribers to coming into a market that was already saturated.

In total, Quibi raked in $1.75 billion in funding in two rounds, according to Crunchbase data. The first was a in 2018 led by that included high-profile investors , and . The second was a round announced in March.

Photo: Jeffrey Katzenberg demonstrates Quibi’s Turnstyle technology at Sundance 2020 on January 24, 2020 in Park City, Utah. (Photo by Daniel Boczarski/Getty Images for Quibi)